For the last two years, Didi has been the dominant car-hailing force in China and its success has spawned a handful of competitors. Now another notable challenger has stepped up.

T3, which is short for “top 3,” officially launched after a dozen entities, including three major automakers and China’s largest internet companies, agreed to lay out a total of 9.76 billion yuan ($1.45 billion) for the joint venture.

Lyft, a ride-hailing company expected to go public this week, is not profitable. It posted losses of $911 million in 2018, a statistic that will make it the biggest loser amongst U.S. startups to have gone public.

The Federal Trade Commission, in what could be considered a prelude to new regulatory action, has issued an order to several major internet service providers requiring them to share every detail of their data collection practices.